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the problems. good to have you both with us. thanks for joining us. seth, president obama's plan is advocating tax increases but almost no net spending cuts. how do you resolve this crisis without cutting spending significantly? >> well, i don't think that's true at all. there's substantial spending cuts. i mean, first of all, we've already cut spending by $1.5 trillion as part of the first part of this deficit reduction framework. also in his offer is another $400 billion in cuts, targeted cuts to health care programs. i really think that we shouldn't, like you said, take the knife to fundamental programs like medicare and social security. the president's plan is the plan he presented to the american people and won the election on. certainly, the plans they would cut or fundamentally restructure medicare, those proposals -- >> i don't think that's what we're talking about, seth. >> does that do anything to the debt? >> that's a great question, maria. that's the biggest challenge with this proposal that the president put out. he's actually talking about new spending. additional payroll benefit
have to be extremely careful how you do it because we've looked at the economics and run obama's plan through our economic model and found that for every dollar that it would increase in federal tax revenues it would rrduce gdp by $10. that is a very poor tradeoff as to have higher tax revenues but lower gdp and economic growth. that's not the direction that we want to head. if you're going to increase taxes we should do it through economic growth. that comes through smart tax policy, not dumb tax policy. melissa: but they always say, if you don't, the wealthy won't miss it. they will just pay a little bit more. it is fair their share. it will help close the gap. how do you respond to that? >> all of that money is locked up into productive activity whether in a business or the stock market or somewhere else. so the more that you tax that income, that means there's less investment, there's less for the business. there is less for hiring. it has to come from somewhere. it is not a costless exercise and ultimately that trickles down to workers through lower productivity and lower wages.
. senator mitch mcconnell reportedly burst into laughter while geithner was in the middle of outlining obama's plan. and house speaker john boehner who described his phone call with the president wednesday night as disappointing was not impressed by the white house proposal. >> no substantive progress has been made in the talks between the white house and the house over the last two weeks. right now all eyes are on the white house. the country doesn't need a victory lap. it needs leadership. it's time for the president and congressional democrats to tell the american people what spending cuts they're really willing to make. >> boehner then raised the stakes by throwing the debt ceiling into the mix, suggesting that any plans to raise the nation's borrowing limit would have to be matched by spending cuts in the fiscal cliff deal. >> as i told the president a couple weeks ago, there's a lot of things i've wanted in my life, but almost all of them had a price tag attached to them. i continue to believe that any increase in the debt limit has to be accompanied by spending reductions that meet or
. that was the big thing. please roll the video. according to the reporter newspaper, president obama plans to do his annual wine vacation, get this, the dates are december 17 through january 6. so that means, while america is hurled head first off the fiscal cliff, the obama will spend 21 days golfing, body surfing and lunching to the tune of $4 million taxpayer dollars. you can't make stuff up. >> kimberly: that sounds good to me. >> dana: the reporters would have complained if they spent 21 days in waco. but 21 in hawaii could be worse. he said let's make sure we get it done before christmas. get it done on december 16, sign it, get out of town. >> eric: $4 million. >> bob: if he was in the bathroom at the white house it would cost $4 million. >> eric: december 17 to january 6. fiscal cliff hits december 31. smack dab in middle of this vacation. he snub hawaii, body surfing. >> kimberly: conduct unbecoming. he said in the last 30 days he got woke up in one debate. other than that, he is kicking it on the "the view." check me out. pinch with a limp. >> brian: i believe he knows it's his economy now
are still miles apart. we spoke with gop senator john cornyn about president obama's plans too tax hikes. talking about increasing taxes, letting the tax rate go up on people making over $250,000 a year. as i understand it, that's about $85 billion a year, funding the government for eight days. $85 billion is a lot of money, but if you look at government waste, even senator tom coburn has identified $20 billion in waste. has anybody thought about getting the revenue from waste, seeing just how much we really need? >> the problem has usually been if you rdise taxes, the spending cuts will come later, and they never seem to manifest. >> greta: but not even spending cuts. actually waste. >> well, yeah, waste and fraud and abuse are the famous three horsemen of cuts. but the fact is that many times they're harder to get to it would afternoon. i think tom coburn has done a great service by identifying a lot of duplication and waste in the government, including in the pentagon. i'm a defense hawk, but the pentagon needs to do a better job when it comes to handling the people's money too. you c
his taxes spike if the obama plan passes. >> this notion of $250,000 being top 2% or the wealthy people in america ignores the way most small businesses work in america. our company has figured out how to survive in this economy and how to be successful in this economy. the first thing we'll want to do with any income that i have is tax it? that's uncertainty. >> kristen welker is at the white house. critics said the president wasn't pushing a bald deal focusing more on taxes than spending. now the white house is out with its formal debt proposal which mitch mcconnell says he laughed at when tim geithner showed to him. what's so funny? >> reporter: to put the plan into context, first of all, this is the president's opening bid. and essentially comes after he's feeling emboldened by his re-election knowing there's not a whole lot in here that republicans will like off the bat. so just to take a look he it specifics, $1.6 trillion in new taxes, $400 billion in entitlement cuts. $50 billion in new stimulus. and then a proposal to end congress' control of the debt limit. republicans
obama going on the road to sell is newly unveiled a plan to look at the fiscal cliff, that plan, higher taxes, new spending, no debt limit, no entitlement reform. personally i am calling it a disaster. we are on it. not much change for stock prices around the 13,000 level up 13 points. elizabeth macdonald is here, gerri willis is here and lauren simonetti on the floor of the stock exchange. they are offering a special dividend trying to avoid next year's factors. nicole: it is up nicely. the potential tax hikes next year, and they are issuing a special tax dividend payable december 21st of $2 a share, stock is up 4%. stuart: we have a 175 or more, it is 175. issuing billions and billions before the end of the year. i'm calling that tax revolts. thank you very much, dan industrials up 12, back to the big story. president obama sends treasury secretary tim geithner to capitol hill, presented an offer to republicans. he knew there was no way republicans could accept it. here it is,$.6 trillion in tax increases spread over ten years, $50 billion in new stimulus infrastructure spending, new
morning" reaction to the obama's administration plan to avert the fiscal cliff. we'll get the latest from the white house. plus proposed ban on anchor putting in golf. that is the morning news for this friday. we made it, happy happy friday. take care everybody, have a great day. ,,,, >> >> your realtime captioner: linda marie macdonald >>> we have our "eye on the storm" this morning as the bay area gets another drenching overnight. our exclusive hi-def doppler showing rain all over the area right now. and that means you can expect treacherous travel conditions and a brutal commute. good morning. it's friday, november 30. i'm frank mallicoat. >> i'm michelle griego. time now is 4:30. we have live team coverage from cbs 5 reporters all across the bay area. anne makovec has details from mill valley. elizabeth wenger checks our commute. but first we'll start with meteorologist lawrence karnow in the weather center, the expert. >> the rain is here with strong gusty winds. power out at the karnow household. i was takia
think i see in "washington post," headline, obama offers plan for cliff. plan to be in quotes. the thing that amazes me and the media lets it happen. for eight years or longer now. i had to defend how many times people said on the left, including president obama when he was running for president the first time, the bush tax cuts only help the rich. they were only for the rich. now all of a sudden we're supposed to believe that he understands that they are actually going to hurt the middle class and the lower income people? because president bush cut taxes for everybody. finally now, i guess, history will get it right. that is actually what happened. president obama was on the wrong side of it then. definitely headed -- leading the country in a bad direction now. he had every reason to try to figure out a way to help the republicans, help get them to a deal so everyone could not have this anxiety leading up to the fiscal cliff. he is exacerbated the anxiety with the ridiculous plan. mitch mcconnell does not show emotion about anything ever. he has the best poker face. geithner's proposal
. and adds tensioas tensions rise capitol hill obama will be pushing his fiscal cliff plan at a toy factory today. >> peter doocy has more on that. >> the senate majority leader mitch mcconnell listening to tim geithner layout the proposal to avoid the cliff. it was so one-sided rich mcconnell reportedly said he burst into laughter. republicans claiming three want a balanced approach and they want to raise revenue without killing jobs and they are going public with their frustrations. >> i am disappointed in where we are. i am disappointed in what's happened over the last couple of weeks. but going over the fiscal cliff is , i am trying to resolve it. >> democrats want republicans to slow down and realize what they are offering is not new. it's the sail debt pl-- same de plan president obama had in the american jobs act. it's not a new stimulus it is something that has been on the table for over a year. >> something should a political price be paid in order for congress to do its job to make sure the united states of america pays its bills and does not default for the first time in history
." democrats are calling president obama's plan to avoid the fiscal cliff an opening bid. some republicans have different words for it, joke. >> major garret is at the white house and reports on the president's plan and the strong reaction it got from republicans on capitol hill. major, good morning. >> reporter: good morning, charlie and norah t. the white house brought real numbers and republicans called them an insult, concocted in never neverland. so much for a week of work here in washington to avert what's called the fiscal cliff. treasury secretary tim geithner gave house republicans new ideas on resolving the fiscal cliff. and left with their anger ringing throughout the capitol. >> no substantive progress has been made in the talks between the white house and the house over the last two weeks. i've got to tell you, i'm disappointed. >> reporter: here are the big white house numbers. for $4 trillion deficit reduction in ten years, $1.6 trillion comes from households earning more than $250,000 a year. $400 billion in entitlement cuts in program like medicare and medicaid and $50 billion
on the wealthy. the headlines tell the story. "the washington post" wrote, "obama offers plan for cliff, not compromise." "the new york times." "gop balks at white house plan on fiscal crisis." and "the wall street journal," obama's cliff offer spurned. i want to bring in joanne reed and molly ball, political reporter for "the atlantic." good to see both of you. good morning. >> good to be here. >> mitch mcconnell, we are told, literally laughed at the white house's offer. and if you listen to speaker boehner, it's not going very well. take a listen. >> i'm disappointed in where we are and disappointed in what's happened over the last couple of weeks. but going over the fiscal cliff is serious business. and i'm here seriously trying to resolve it. and i would hope the white house would get serious as well. >> and the speaker tweeted, "how serious is the white house about avoiding the fiscal cliff?" reports suggest, in some cases, not so serious. and also, joanne, what is the strategy here, and is there a risk like looking like you're not really negotiating? >> well, you know, i think wh
president obama does not plan to offer governor romney a role in the obama administration. but people we talked to are hopeful the friendly meeting will inspire republicans and democrats to come together on capitol hill. >> think it's a logical move by both governor romney and the president to get together see if we can solve a lot of the problems that we need to solve in this country. >> reporter: romney left the white house without talking to the media. since the election he stayed out of the public eye spending most of his time in his southern california home. he is not expected to return to politics anytime soon. tara mergener for cbs news, the white house. >>> and we're told on the menu, i don't know if it was leftovers but they had turkey for lunch. >>> vice president joe biden took a little time out to do some shopping today. large entourage and the press as he attended the grand opening of washington's first costco store. tried some of the food samples, got to did that. bought some children's books. bought a big-screen tv. that's 32." but fire logs, that's what he said went there
on the ground. >>> president obama hopes to generate support for his plan to avoid the "fiscal cliff" at a pennsylvania toy factory today. on capitol hill, treasury secretary timothy geithner pitched the president's plan to house and senate leaders yesterday. it includes $1.6 trillion in new tax revenue and $400 billion in cuts to entitlement programs. but it doesn't look like geithner's visit did much to bring republicans and democrats any closer to agreement. >> the democrats have yet to get serious about real spending cuts. >> we are waiting for something specific from republicans to show they are serious on negotiations. >> if a compromise is not reached by year's end, automatic tax hikes and across- the-board budget cuts would take effect. >>> former president george h.w. bush is expected to be released from the hospital sometime this weekend. he has been fighting bronchitis since the day after thanksgiving. the 88-year-old is said to be doing well though. good news there. doctors say bush's age and other health conditions have complicated his recovery but he is going to be just
the obama plan, these percentages would tick up this much. so this is what he's pushing for against those other losses to the middle class, which republicans are talking about as well. the bottom line though is and this is something everyone's going to have to bear in mind, no matter how this turns out, an awful lot of economists say even if you do this, that doesn't mean everyone else will ultimately be off the hook, because there's still a revenue problem in this government right now. and over time there's a lot of hints that somehow those people in the middle class we talked about a moment ago are going to be nibbled at too even if the fiscal cliff is taken care of, joe. >> tom foreman, thank you for that. >>> there's a new controversy dogging the embattled u.s. ambassador to the united nati s nations. susan rice has been under republican fire for weeks on the attack at the u.s. consulate in benghazi. now questions are being raised about one of her investments and a possible conflict should she be tapped to replace hillary clinton. mar mary snowe has more. >> reporter: this is about t
that the obama plan is simply absurd, at the same time, the people of the white house are going okay. republicans, what exactly is your plan? >> brian: the white house is asking for a plan? they've indicated they're willing to budge. the plan released in front of them is beyond what he ran on! >> gretchen: that's the plan. the plan released is kind of like in a relationship saying to your husband, you take out the garbage every single day and i'll sit on my butt and do nothing. is that a deal? >> steve: it's a starting point. >> gretchen: maybe. train trestle just collapsed, dumping at least train cars into -- at least five of them into a new jersey creek right now. take a look. you can see the twisted wreckage and a whole lot of smoke. environmental chloride spilling out and that's highly flammable. this is happening in paul grow new jersey across from philly. evacuations underway. 18 people in the area reportedly having trouble breathing right now. we will keep you posted as we learn more about this potential disa
split or the fiscal cliff because president obama's plan to avoid the fiscal cliff is not exactly flying with republicans. 32 days now count with me 32 tax rates soar, spending cuts automatically kick in and keep in mind there is a date that we're watching also before this, congress break for the holidays in all of 14 days. >> so to review the president's plan calls for $1.6 trillion in tax hikes, $50 billion in new stimulus spending, and $400 billion in unspecified cuts. the president for himself he's heading to a manufacturing plant in pennsylvania today to try to sell that idea. house speaker john boehner's reaction was essentially, get serious. so we want to talk about the numbers behind this. we're going to bring in ken rogoff, professor of economics and public policy at harvard university. you heard the specifics of the plan, $1.6 trillion in new taxes, $400 billion in unspecified cuts, $50 billion in new stimulus. how does this sound to you? >> well, it certainly sounds like a plan. and i do think we have to see some mix of higher revenues starting now and frankly going on into th
: president barack obama has made his plan to avert the fiscal cliff very clear. he wants to raise taxes now. and, by the way, he'll get back to us with how exactly he intends to cut spending later. that's why speaker of the house john boehner told reporters no substantive progress has been made. president obama has no interest in reducing the size of the federal government. now democrats before him he's dangling the prospect of future budget cuts in the hopes republicans will take the bait. with that in mind, it's important to remember the words of president ronald reagan, he wrote them in his own autobiography, and described in great deal a deal he struck with the democrats in 1980s, promising $3 in spending cuts for every dollar in a tax increase. reagan wrote, the democrats reneged on their pledge and we never got those cuts. perhaps that's why some on the right are calling foul on these negotiations. >> the only secret talks have revealed, a government that skips from one crisis to the next. all of this secrecy allows the president to petition himself frankly and being in favor of a bal
want to cut benefits. or raise the eligibility age. president obama has a plan to get savings out of medicare on the provider side. it's obviously an important distinction. president obama's 2013 budget would cut $340 billion out of medicare over 10 years primarily through these 4 methods. requiring drugmakers to pay rebates to medicare in some circumstances. and they want to reduce costs by discouraging hospitals from releasing patients too early and then readmitting them which is more expensive. also, reducing coverage of bad debts of hospitals and nursing homes. and charging higher premiums to high-income beneficiaries. there is nothing in those four measures which raises the eligibility age or cuts benefits to medicare recipients. today, we got further confirmation about the administration's proposal in the fiscal cliff negotiations. medicare and other entitlements would be cut by $400 billion over 10 years. let's bring in wendell potter, to sort it out. mr. potter is a columnist for the center for public integrity and "the huffington post" and author of the book "deadly spin.
. president obama is back on the road trying to sell his budget plan to the american people. what he's offering up that some republicans say is absolutely absurd. fair & balanced debate on that in a moment. martha: a secret santa handing out 100-dollar bills to strangers, why he's doing that coming up. >> thank you very much. thank you. rocco is my name. >> god bless, rocco. >> very nice. we've all been volunteering for weeks now. for someone to give something back to us, it was a surprise. bill: breaking news on iranian sanctions coming out of the u.s. senate, in a vote of 94-0 a proposal just passed that would tighten tougher restrictions against certain iranian economic sectors, including its ports, and its ship building. apparently the sanctions would ban presentation metal transfers or any sales thereof to iran. the white house is against this measure. it says it does not provide them with sufficient flexibility and waiver capabilities, but 94-0 coming in from the senate only moments ago. we will watch that story as the nuclear program moves forward. martha: president obama take
saying here's our counter-proposal, let's repeal obama care, enact the ryan plan and have their wish list. >> was it geithner or liu, the chief of staff? you're shaking your head to that. jack lew, the chief of staff, did a hell of a job. i am told he is the new geithner, that's why he's key to these talks. judd gregg, a former insider, probably more about the budget than any human living being, i don't know if that's good or bad, but i'm going to give you your shot. >> i don't know where it came from, but i i'm it came directly out of the chief of staff's office working with the treasury secretary, something like this is so aggressive, almost like a labor union proposal in a negotiation. what i find disturbing about it, because i happen to think they should go to the simpson bowles template, first disturbing is the reversal of that ratio. >> and you're taking the revenue number up to 1 puff.6. the agreement of last summer was 800 billion, i think. when you go to 1.6, you're basically talking, even though the stated rate might have to go to 39 p 5%, you're talking actually about a rate of
, president obama takes his tax plan on the road trying to sell it to the american people. republicans aren't buying it. congressman jason chav fitz joins me. fay yesterday and ambassador martin indyk with reaction to the vote at the u.n. and the wife of an american contractor jailed? cuba turns up the heat on the u.s. government and one campaign ceo michael elliott on the work that needs to be done. that plus the lottery winners power ball. "andrea mitchell reports" is next. n an accident... i was worried the health care system spoke a language all its own with unitedhealthcare, i got help that fit my life. information on my phone. connection to doctors who get where i'm from. and tools to estimate what my care may cost. so i never missed a beat. we're more than 78,000 people looking out for more than 70 million americans. that's health in numbers. unitedhealthcare.
clear he's got a plan. he's put it forward. president obama says we need a combination of spending cuts and new revenue. he put out the spending cuts and he said the new revenue has to come with from getting rid of the tax cuts on the wealthiest of americans. meanwhile, we will get a tax cut to the 98 -- to 98% of americans, up to $250,000 a year, and the republicans say no. no deal unless we get a tax cut for our buddies, millionaires and billionaires we are not going to play. will we get anywhere closer to a deal? >> the big talk in washington, d.c. joining us to look at that is our good friend, richard fowler, host of "the richard fowler hour" on react radio. >> you know, i think the deal is questionable. i think we will get one, though >> bill: you do? >> i think we will get a deal. i was seeing this yesterday. if republicans letgous over the cliff, january 1st comes and, you know the deal is a different dealer. you know, we are winning the deck. >> in the sense we will have more votes in the senate. >> yeah. >> more in the shouse. won't have co
at 11:00, with enthusiasm starting to fade, president obama starting to talk about a fiscal cliff at a manufacturing plant in pennsylvania. what he had to say coming up. >>> sky high. the plan to have downtown san jose standing tall only on nbc bay area. >>> and take a look outside right now. take a look. we have a great view around the bay from the hd traffic camera network. palo alto, san jose and sunol. rain and wind whipping through the areas. yes, there is more to come. in a couple of minutes, meteorologist christina loren will have a complete weather update for you. she will let us know how wet the weekend will be. >>> right now, we want to bring you other local news as well. police right now working on an investigation surrounding a homicide. one man is dead. a woman rushed to the hospital and a suspect on the loose. bob redell is on the scene. bob, you had a chance to dig up information. what have you heard right now? >> reporter: good morning, jon. police just let us up to villa costanza. this is the home where the man was murdered early this morning during the home invas
. president obama pitching a spending plan that incluss $1.6 trillion in tax hikes. he'll visit a pennsylvania manufacturing plant today to sell it. john boehner says the president needs to get serious about spending cuts. >>> a new york city hotel maid accused him of sexual assault. the head of the former international monetary fund faces aggravated -- >>> a deer that found himself stranded on a lake in wisconsin for more than 24 hours is, oh, happily back in the wild again, i imagine. volunteer firefighters used a sled to rescue him. it took 45 minutes to lead the seven-point buck off the frozen lake and finally to safety. >>> a rough week for weather continues in the west. rob has that for us this friday morning. good morning, rob. >> another punch of rain and wind across california. here is the fire hose that's opened up, tapping into the tropics. this is a warm rain. the snow levels aren't high. flooding issues abound. also, a lot of wind energy with this. 80-mile-an-hour wind gusts near lake tahoe. 72-mile-per-hour wind costs in carson city. winds have been damaging. rainfall excessive.
laughed out loud thursday when he saw president obama's latest plan to avoid a middle-class tax increase. republicans are demanding more spending cuts. >>> and just as millions of americans shop online, rely on their gifts to be shipped by the holidays, the biggest seaports in the country are at a virtual standstill. union workers at the los angeles and long beach terminals are on strike. protesting outsourcing of jobs. 40% of all u.s. imports come through those terminals. negotiations are set to resume today. >>> very unusual scene just south of there, in san diego. an out-of-control truck slammed into a fire hydrant, sending water shooting cinematically 30 feet into the air. like a geyser. the truck actually plowed into a bar, leaving a gaping 11-foot hole in the wall. thankfully, no one was hurt. >>> now, here's diane sawyer, with a preview of tonight's "world news." diane? >> josh, great to talk to you on this friday. happy weekend to everyone on "gma." and coming up on "world news," please meet this young woman. i think you'll never forget her. an amazing story that teaches every on
don't have to write a check on january 2nd. he'll have time, then, to introduce the obama tax cuts and basically dare the republican -- the 113th congress not to vote for him. >> when he puts out his plan, then you hear, chris, i was very intrigued by the statement that charles made on fox, that the obama offer is worse than what was offered to general lee at the end of the civil war. listen to this. >> it's not just a bad deal. this is really an insulting deal. what git near offered on the screen, robert e. lee was offered better deals and he lost the civil war. this is almost unheard of. mine, what do they expect? they obviously expect republicans to cave on everything. i think republicans ought to simply walk away. >> chris, i think with lincoln outdone, i think he could have used a better analogy. >> look, the funny thing is the end of that statement, which is, i keep saying, rush limbaugh keeps saying, walk away. walk away. if they walk away, all of the taxes go up. the delicious irony, i will note, is to have them sunset so the cost was lower than what it would be if therm pe
to live side by side in the land they share. thank you, mr. president. [applause] >> president obama travels to pennsylvania friday to talk about his plan to avoid the fiscal cliff. the event is part of the white house's effort to cut public support to end the bush era tax cuts for incomes on $250,000 and above. it will be shown at noon eastern on c-span 3. >> washington worked his way up and went to harvard law school. he emigrated out west to the lead minee industry was in its heyday. he arrived by stagecoach, by train and arrived in this muddy mining town, boarded himself in a log cabin and slowly worked his way up and became a successful lawyer and got involved politically, ran for congress, search for 8 terms. he then befriended abraham lincoln, obviously from illinois, and ulysses s. grant, and as they were on the rise, he stayed with them as a close confidante and colleague during the civil war. after grant was elected president, he appointed washburn secretary of state. at that time, he became ill. his family feared for his life. after 10 days, he submitted his resignation to
? we've just had an election. the people had a choice between mitt romney and president obama who said let's have a balanced plan, and let's give tax cuts to the middle class. what is he talking about? this is about tax cuts. the president is saying, renew the payroll tax cut. give tax cuts to every dollar earned up to $250,000. i don't know what they're thinking, thomas. but obviously, they are putting it all on the line for the koch brothers and sheldon adelson who earn billions of dollars. they're selfish. and there's a group called patriotic millionaires who are saying please, please, tax us fairly. and here's the point. the president is saying to the millionaires and billionaires, we're just taking you back to the tax rates that you had when bill clinton was president. and i would like to remind everybody, we had the greatest prosperity then when everyone paid their fair share. 23 million new jobs. and why is it? because the middle class had the money to spend out there, to stimulate this economy. it's a consumer-driven economy. about 70% of the economy is consumer driven. and the
. that is the sad thing to happen. liz: never a good time to lose a job. president obama on the road pushing his fiscal plan to raise taxes on the top 2% and spend $50 billion on infrastructure. dave: the opening visit not well-received by gm be leaders, the senate demand represents a step backwards because it is twice as much in tax increases as expected. peter barnes is in washington d.c. with the details and not much movement on the cutting of spending either. peter: president obama and john boehner in front of cameras to make their cases in the battle over the fiscal cliff. the speaker said he is willing to move forward with negotiations in good faith after republicans rejected the president's first formal offer yesterday as being short on spending cuts, but it doesn't sound like anyone has put the brakes on the road to the coin. >> let's not kid ourselves. i am not trying to make this more difficult. i have been very guarded. i don't want to make it harder for me or the president or members of both parties to find common ground. >> this is not some run-of-the-mill debate, not about which po
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. obama's unlikely negotiator, read the headlines. another wrote that mr. geithner plans to step down in january and the fact that he selected him shows how much the president has come to rely on him. >> the huffington post if you were to go to their website has this to add to their story about the proposal itself from tim geithner saying the proposal wasn't new. that have it was presented earlier this month by the president at the white house. host: so again, to reiterate what the proposal is. and like i said, over the course of the next half-hour we'll show you highlights. but it called for $1.6 trillion in new revenues and an extension of the social security tax, one-year deferral of sequest vacation and stimulus spending with at least $50 billion in the first year an increase in the debt limit that would change the law for congressional approval. we'll show you more but let's hear from you. duluth, minnesota. hello. caller: good morning. thanks for taking my call. my comment is about the fiscal cliff and social security, i don't really think that social security has really ever b
if their appeal fails it would go against the will of the california voters. >>> president obama hopes to generate support for his plan to avoid the "fiscal cliff" during an appearance today at a pennsylvania toy factory. on capitol hill, treasury secretary timothy geithner pitched the president's plan to congress yesterday. it includes 1.6 trillion in new tax revenue and $400 billion in cuts to entitlement programs but it doesn't look like geithner's visit did much good. >> the democrats have yet to get serious about real spending cuts. >> we are waiting for some specifics, somewhere, from our republican colleagues to show that they are serious on negotiations. >> if a compromise is not reached by year's end, automatic tax hikes and across- the-board budget cuts would take effect. >>> 6:09 on your friday now. the car of the year is going up in price. plus, could this be the mystery multimillionaire? take a look. new video of the possible winner of the record powerball jackpot. >> and a messy morning out there. we're on the stormwatch as we go to break with a look at our hi-def doppler all covered
, lauren. lori: president obama finally lit up his plan for avoiding the fiscal cliff. melissa is fully in favor of it. but republicans are not taking the bait. peter barnes is with us in d.c.. >> speakser boehner was back out in front ever the cameras the last hour splam slamming the president's proposal yet again but willing to move forward in good faith to reach a deal to avoid the fiscal cliff. >> there's a stalemate. let's not kid ourselves. i'm not trying to make this more difficult but if you watched me over the last three weeks i've been very guarded what i have to say. i don't want to make it harder for me or the president or members of both parties to be able to find common ground. >> as you recall the president put down his marker yesterday. repeats his demand for 1.6 trillion in new taxes next 10 years, families making more than $250,000 a year. it pays for that with 400 billion in entitlement savings. wants to extend payroll tax cut for one year. that includes 1100 billion including 50 billion in new infrastructure spending. the president hitting the road taking a his pitch
and that is that his nation will act accordingly but didn't say what steps they may take. >>> president obama is heading to pennsylvania this morning hoping to generate support for its plan to avoid the dreaded "fiscal cliff." on capitol hill, treasury secretary timothy geithner pitched the president's plan to house and senate leaders yesterday including $1.6 trillion in new revenue and cuts to entitlement programs. the plan didn't bring republicans and democrats closer to agreement. >> the democrats have yet to get serious about real spending cuts. >> we're waiting for some specifics somewhere from our republican colleagues to show that they are serious on negotiations. >> if a compromise is not reached by year's end, automatic tax hikes and across- the-board budget cuts would take effect. >>> little is being said about the meeting between president obama and mitt romney. the two had lunch at the white house yesterday their first face-to-face encounter since their final presidential debate. the media were kept away from the private get-together. white house officials say the two discussed u.
on averting the so-called fiscal cliff are going nowhere fast. >> president obama is going into campaign mode to win support for his plan. visiting a pennsylvania toy factory today. the deadline is a month and a day away. as abc's karen travers reports. good morning, karen. >> reporter: good morning, rob. good morning, sunny. yesterday was round two between the obama administration and congressional leaders on capitol hill. and things aren't looking good. basically at this point, both sides have laid out an agenda, and they're waiting for the other side to blink. so much for that brief burst of optimism in washington over the fiscal cliff talks. now republicans and democrats can't even agree on where things stand. >> no substantive progress has been made in the talks. >> and you know there is progress. >> treasury secretary tim geithner sat down with bipartisan congressional leaders to keep pushing for a deal. a top boehner aide said the plan geithner presented is, quote, completely unrealistic. and a top democratic aide said republicans have taken to screaming at them. if no action is taken
: president obama made a campaign- style trip to a toy factory in pennsylvania touting his plan for higher taxes on the wealthy. but republicans warned that efforts to avoid the fiscal cliff are deadlocked. and thousands of egyptians protested against president morsi's new powers and against a draft constitution pushed through by islamists. what do you get when you cross economic news and surf rock? i have a feeling paul solman is involved. hari sreenivasan gives us the answer. >> sreenivasan: our resident financial bard "merle hazard" re-imagines the fiscal cliff debate as a 1960s-style drag race between party leaders. you can watch his animated music video on paul's "making sense" page. we're introducing a new feature- - feed your science diet with "lunch in the lab," a virtual platter of science news, delivered fresh every monday, wednesday and friday. today's daily special-- the mars rover rumors. and on "need to know" tonight, an encore report about an investigation into alleged abuses by u.s. border patrol officers. all that and more is on our web site, newshour.pbs.org. >> warner: a
up on the show starting at 7:00 eastern time. >>> in other news this morning, president obama will visit a suburban philadelphia toy factory today, hoping to win public support for his plan to avoid that so-called fiscal cliff. but on capitol hill, talks there have pretty much hit an impasse at this point. neither republicans nor democrats seem willing to budge on the issue of tax rates for the wealthy. unless the two sides can reach some kind of deal, spending cuts and also tax hikes will collectively take effect starting january 1st. the clock is ticking. >> it is. >>> the united nations has overwhelmingly approved recognition of a palestinian state, a move staunchly opposed by the u.s. and israel. >> but in the west bank and gaza, palestinians, they celebrated on the streets. the historic vote upgrades palestine to nonmember nonvoting observer status only. meanwhile, u.s. ambassador, susan rice, she denounced the resolution. saying, quote, it's counterproductive to the goal of mideast peace. >> and the palestinian people will wake up tomorrow and find that little about thei
bid, president obama hits the philadelphia suburbs campaigning hard for his plan to raise taxes on the rich. >> it's not acceptable to me and i don't think it's acceptable for you for a handful of members of congress to hold middle class tax cuts hostage because they don't want rates on upper incomes to go up. that doesn't make sense. >> the speaker was quick to respond. increasing tax rates draws money away from our economy that need to be invested in our economy to put the american people back to work. it's the wrong approach. we're willing to put revenues on the table, closing loopholes and not raising rates. we think it's better for the economy, pure and simple. >> and just now, hitting the jackpot. the small town missouri couple who have had more than their share of hard times win the powerball and with the great american generous spirit are taking it in stride. >> our main concern is our family and, of course, and we have a very large family and then next is our charities we'll be giving to. yeah. it's like how much does a person need? >> and is this man who went to a mary
obama on the road pushing his plan to soak the rich and a toy factory in pennsylvania but republicans not playing. peter barnes join those with up-to-the-minute coverage. >> the president trying to get republicans to knuckle under on higher taxes for the wealthy. not only is he in pennsylvania about to speak in the next hour or so but the white house has announced that the president will meet next week at the white house with governors to quote try to win support for their plan and he is going to give a speech on wednesday to the business roundtable which is made up of 200 corporate c e l as. he really likes the ceos. yesterday's treasury secretary tim geithner was on capitol hill lobbying down the president's marker in this fight, repeating the president's demand for $1.6 trillion in taxes over ten years on families making and to 50, and dollars the year and includes $400 billion in change in medicare, medicaid and other entitlements over 10. the president wants to extend the current payroll tax cut for another year, that is $100 billion and includes billions in additional stimulus m
a boost. >> and it would then give us in washington more time to work together on that long range plan to bring down the deficits in a balanced way. >> president obama in balance making the case for increasing taxes now. dealing with the big package after the new year. house speaker boehner saying that the proposal up on capitol hill from the administration was in his words "ludicrous." and republicans saying that actually they laughed at the initial proposal from the treasury secretary yesterday. let's bring in the panel. bill kristol of "weekly standard." juan williams, columnist with the hill. syndicated columnist charles krauthammer. okay, bill, is this part of the kabuki theater, the dance, choreographed back and forth? or are we really looking at something that is in deep trouble here? >> it looks to me more like the theater. the president understandably is going to put out his optimal scenario first. especially since he is going to try to hammer republicans on the greatest vulnerability, the president will say over and over i propose and the senate democrats passed the tax cut,
that destroy president obama's green energy plan? i don't think so. what if food stamps instead of going up 136% just went up 130% instead. can you really say that that is an attack on folks who are getting food stamps? or can you say that when the american people increase food nutrition spending by 130%, we are actually making a pretty good faith effort to make sure folks are taken care of? mr. speaker, we see it time and time again. 30%, 40%, 50%, 59%, 46%, 62%. we are not talking about destroying federal government programs. we are talking about curbing double-digit increases that have gone on over the past 10 years. triple digit increases in so many cases. that brings us to this balanced approach we keep hearing about, mr. speaker. i hear the president say balanced approach over an over again. i just have not seen him yet do balanced approach. we saw his proposals, it came out yesterday. he wanted to raise taxes by $1.6 trillion. he wanted to increase spending on a variety of programs. he thought he could find $400 billion in reduction. not today, of course, but somewhere down the road that
one. > > you too. president obama heads to philadelphia today to visit a toy manufacturing plant. it's where he will also talk about his plan to avert the so-called fiscal cliff. comments yesterday from house speaker john bohener hinted lawmakers are back to square one on settling the cliff chatter. "no subsantive progress has been made in the talks between the white house and and the house over the last two weeks." the stock market briefly sold off on boehner's comments, but then bounced back. optimism had been growing after president obama and representative boehner made remarks wednesday that a deal could be worked out. now speaker boehner insists there are still many roadblocks in the way. last night, boehner offered no details but rejected the democrats' $4-trillion plan presented by treasury secretary timothy geithner. investors have a more optimistic view on the global economy. a new survey by bloomberg shows 2/3 of investors surveyed described the worldwide economy has either stable or improving. overall, they considered the global economy to be in the best shape in 18 month
. >>> president obama made the opening bid in the fiscal cliff negotiation sending his plan to capitol hill on thursday. $1.6 trillion in tax hikes and $50 billion in new spending. but house republicans, surprise-surprise, say democrats aren't being serious. >> the president has warned us about the dangers of going over the fiscal cliff. but his actions have not matched his public statements. members of his own party seem quite comfortable sending the economy over the fiscal cliff. >> let's bring in our friday gaggle, associate editor and columnist for the hill amy stoddard, danielle gibbs, and columnist for bloomberg view and national review and one of the funnier people on twitter and he did not pay me to say that but i will start with you. so we kind of feel like we're back to square one. should republicans having seen them lose the presidency by a wider margin than many people thought lose seats in the senate which i don't think almost anybody -- unless you're a loyal democrat thought, and lose seats, though, to keep control of the house three and a half weeks ago. should they be more w
, no spending cuts and no plans to save entitlements. with president obama going to pennsylvania today, the house republican whip, kevin mccarthy's office put out a video profiling a small business nearby in pennsylvania that would get hurt by a tax hike. >> i'm jerry gorsky from an engineering company. however good or bad we do is my income. this notion of $250,000 being top 2% or the wealthy people in america ignores the way most small businesses work in america. >> reporter: i mentioned president obama is going out on the trail, if you will in pennsylvania to sell his arguments. one would expect we would hear some sort of response from speaker john boehner after that. jon. jon: what are the democrats saying? i mean about these g.o.p. complaints? what is your response? >> reporter: they are saying republicans if you don't like the president's plan, where is your own plan? they are asking for specifics on revenue in terms of tax revenue. they are also asking for specifics on what republicans want to do to entitlements. house democratic leader nancy pelosi is not talking about more spe
is looming. we saw the response to this opening gambit by president obama. how likely is it that this is the final plan put forward, what elements do you expect to be most critical here as talks continue? >> i think there will be a lot of brinkmanship. this is just the beginning of the process. i think it will be a while. we'll probably go into next year and actually go over the cliff temporarily before they get a deal. >> so you're in the over the cliff camp. >> if you talk to people in washington, they think it will be done before christmas. how can they say we'll go away on say case, don't worry, we'll be back and solve this, but i think it will be pretty tough to solve it before we actually go into next year. >> merry christmas, here is your tax hike? >> i think people are preparing for that anyway. i think everyone realizes that tax rates for upper households will go up. >> certainly companies are aware of what's happening. >> you're seeing more deals to take advantage of the lower capital gains taxes. so people understand this. >> but i wonder if average people a
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